Sheila Bair, in New Book, Bull by the Horns, Reserved Her Sharpest Words for Treasury Secretary Timothy F. Geithner

Sheila Bair, in new book, faults Obama and Bush advisers during financial crisis

The Obama and Bush admin­istrations largely ignored the needs of beleaguered homeownerswhile focusing too narrowly on the well-being of Wall Street during the worst financial crisis since the Great Depression, according to a new book by a top participant in the government’s response.

The book, “Bull by the Horns,” by former Federal Deposit Insurance Corp. chairman Sheila Bair, says both administrations’ top advisers paid little more than lip service to helping borrowers at risk of foreclosure, instituting programs they knew were likely to fail and ignoring her recommendations about how to improve them.

By contrast, she said, senior advisers were willing to go to great lengths to rescue the nation’s top banks — without demanding accountability from top financial executives.

A Republican who became a champion among liberals for her firm stance toward Wall Street and noisy presence in favor of homeowner assistance, Bair reserved her sharpest words for Treasury Secretary Timothy F. Geithner, who served as president of the Federal Reserve Bank of New York in the lead-up to the financial crisis.

After she recommended that President Obama name former Federal Reserve chairman Paul Volcker as Treasury secretary, she wrote, Obama’s decision to tap Geithner was “a punch in the gut.” She considered Geithner the “bailouter in chief” because he wanted to make unconditional guarantees to top banks to keep them afloat without demanding much in return.

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Comments
4 Responses to “Sheila Bair, in New Book, Bull by the Horns, Reserved Her Sharpest Words for Treasury Secretary Timothy F. Geithner”
  1. Sarah says:

    I hope no one decides Romney is a better alternative to Obama. He’ll be just as bad. I’d
    suggest voting for Dr Jill Stein. But since this is a “show” election in a crumbling Empire, most people don’t even know who she is or what she believes in, there are only two candidates allowed, each are approved by the Banksters. Jill got busted protesting Fannie Mae, she gets my vote for President.

  2. stripes says:

    I enjoy listening to everything Sheila Baird has to say because she really gets it. These people, Geithner & Bernanke are not loyal to America, and that includes Obama …they are imposters who are out to destroy our freedom & independence in many ways but, mainly through finance.

  3. Bobbi Swann says:

    @ Sarah – your comment is set as if Obama has already won the election!!! I wouldn’t count your chickens before the egggs are hatched! There is a reason that this saying was originally provoked. I, for one, do not intent to vote for another 4 years of despair!

  4. Sarah says:

    Tim Geithner, and even more importantly, Eric Holder still remain employed. Holder absolutely refuses to take any action against Wall Street firms. Prediction, once more people are homeless, Obama will appoint Erskine Bowles to replace “Foamy” Timmy, shortly after his re-selection. Timmy will slither back into pomp and circumstance with some leviathan corporation that does “God’s work”. Erskine will continue to work for the Banksters, and assist in pushing austerity on the rest of the population that will help many of us die sooner, and in poverty.

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